Housing sales down, new listings on the rise in Calgary: CREB

(Supplied/Pexels)

Real estate sales dipped and new listings increased in Calgary in August, easing the city away from the seller’s market conditions experienced throughout the spring.

Last month, Calgary saw 2,186 sales, marking a 19.5 per cent decrease year-over-year from August 2023, according to the Calgary Real Estate Board’s (CREB) August housing statistics.

The city had 3,536 new listings last month, a 13 per cent increase year-over-year.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB.

“This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

The benchmark price of a home rose in every housing category, with the total residential price up to $601,800 – an increase of 6.3 per cent year-over-year.

By housing type, the benchmark prices are:

• Detached: $762,600 – +6.3 per cent year-over-year;
• Semi-detached: $681,200 – +9.6 per cent year-over-year;
• Row: $461,700 – +12.5 per cent year-over-year; and
• Apartment: $346,500 – +15.8 per cent year-over-year.

Over the course of 2024, the average benchmark price has increased by nine per cent.

“The sales declines were driven by homes priced below $600,000. Following stronger-than-expected gains earlier in the year, the pace of price growth is starting to slow,” CREB said.

The market now has 2.05 months of supply, a 70.6 per cent increase year-over-year.